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題名：資本結構政策 - 以台灣為例
作者：李富川
校院名稱：國立中正大學
系所名稱：財務金融系研究所
指導教授：何加政
學位類別：博士
出版日期：2017
主題關鍵詞：融資順位理論；靜態抵換理論；企業生命週期；集群分析；Pecking Order Theory.；Static Tradeoff Theory；Corporate Life-Cycle；Cluster Analysis
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研究文獻實證發現，負債槓桿大都與傳統槓桿因子財務指標具攸關性，但不清楚是否有目標槓桿存在，即使存在目標槓桿，融資政策卻常出現矛盾現象。為了彌補此一缺口，本研究以台灣股市上市上櫃公司為樣本，以多變量因素分析從財務指標萃取出潛伏因素作為準則變數，將樣本畫分為不同生命週期階段，檢定企業在不同生命週期融資政策。
本研究發現在個別檢定下，成熟期在無資金缺口 (DEF<0 ) 下，同時採行融資順位與目標調整理論模型，在有資金缺口 (DEF>0) 下，則是採行目標調整理論；成長期及衰退期則是遵循目標調整理論。在聯合及內部資金缺口穩健性檢定下，顯示成熟期同時採行融資順位與目標調整理論；成長期及衰退期則是遵循目標調整理論。此外，本研究導入傳統標準企業槓桿因子，以四分位數予以分群，進行穩健性測試，檢定結果支持以上結論，數據顯示生命週期檢定力優於傳統方法。證據支持企業在不同企業生命週期，融資決策具差異化之假說推論。
Previous studies find that debt leverage is mostly related to the traditional financial leverage indicators, but the finding is unclear on whether target leverage exists. Even if it exists, inconsistent financing policies adopted by firms can still be found. In this study, we takecompanies listed on the Taiwan Stock Exchange (TWSE) and OTC (TAISDAQ) and perform a multivariate factor analysis by extracting latent factors from financial indicators to investigate how firms make their financing decisions. In particualr, we examine whether there exists a relationship between a firm's life-cycle stage and its financing policy.
The results show that the target-adjustment model is more efficient than the pecking order model in explaining a firm’s financing policy. We first examine these two models separately. At the maturity stage, firms with fund flow surplus (i.e., DEF<0) adopt financing policies consistent with both the pecking-order and target-adjustment models. On the other hand, firms with fund flow deficit (i.e., DEF>0) adopt financing policies more consistent with the target-adjustment theory. The fund flow, however, plays no role in firms’ financing policy atthe growth and the decline stages, during which firms’ financing policies more likely follow the target adjustment model regardless of whether there is fund flow deficit. When these two models are jointly examined, the results just obtained remain basically unchanged.
In addition, we examine whether firm's financing policies can be related to levels of some important financial indicators such as size, growth, and profitability. The results overall suggest that the life-cycle stage of a firm bears a more significant relationship with the firm's financing policy than these financial indicators.
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